LONDON--(BUSINESS WIRE)--The home furniture market in US is expected to grow by USD 8.08 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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The growing real estate industry in the US is expected to drive the home furniture market over the next few years. This will be due to the increasing number of people investing in homes. Moreover, with the significant increase in the number of women joining the workforce and living independently, there has been a rising need for service apartments and single-story houses. This, in turn, is boosting the demand for home furniture in the country. In addition, the continuously increasing immigrant population in the US is another factor adding to the rapid rise in the real estate industry, which is further fueling the demand for home furniture.
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As per Technavio, the increase in online sales will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Home Furniture Market In US: Increased Online Sales
The home furniture market in the US is flooded with a number of online startups and various established companies venturing into the digital space to reach out to a larger customer base. The US is one of the leading countries when it comes to the use of smartphones, with over two billion active users. This provides companies with a wide customer base. A major share of the revenue for the home furniture market is generated through sales via e-commerce portals such as Wayfair.com and Amazon.com. Many major players have started to invest heavily in opening online centers to increase both the digital footprint and in-store footfalls. Thus, the increased prominence of online retail is expected to further drive the home furniture market growth during the forecast period.
“Other factors such as the increased awareness of home décor and attractive furnishings, and the growing demand for multi-purpose furniture will have a significant impact on the growth of the home furniture market value in the US during the forecast period,” says a senior analyst at Technavio.
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Home Furniture Market In US: Segmentation Analysis
This market research report segments the home furniture market in US by product (living room furniture, bedroom furniture, storage furniture, and others) and distribution channel (brick and mortar and online mode).
The brick and mortar segment led the home furniture market share in US in 2019. During the forecast period, the online segment is expected to register the highest incremental growth due to factors such as the rising penetration of smartphones and Internet across the world.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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